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Monday, August 12, 2013

1601 White Street - Key West - Price Reduction

Preferred Properties Key West (that's where I work but this is not my listing) just announced a price reduction on 1601 White Street, Key West, Florida from $835,000 to $795,000). What's more, the owner had the interiors repainted so that the home would show off its true potential.
The 1568 sq ft two story house sits on an 8750 sq ft lot (70' wide x 125' deep) at the corner of Johnson Street at White Street - just one block from the Atlantic Ocean. A large fenced City Park is located directly across the street. The house sits quite high on the property and is located toward the north side of the lot. There is bricked off street parking for at least two cars. The lot is extensively landscaped and provides privacy from both White Street and Johnson Street. Yet you can sit on the large front porch and watch people as they walk the dog, jog, or ride a bike. At night you can walk down to the White Street pier to watch sunset. Maybe you might stroll down to the pier to do some night time fishing - I have.  There is an almost endless parade from early morning until sunset  and later when all quiet breaks out.
The listing Realtor describes 1601 White Street this way:
"Come take a second look at this terrific 3 bedroom 2.5 bath house is situated on an exceptional corner lot, just a few blocks to the Atlantic Ocean. The house has great bones... just needs some updating... Owners just recently painted the entire interior, installed new flooring, and will continue to make improvements until the house sells. The lot has beautiful native landscaping that is easy to maintain. The swimming pool with expansive decking and outdoor shower are all elevated. The house has many great qualities... central air, lots of windows, plenty of storage, and a unique floor plan. Other features include off-street parking, privacy/security fencing and a lot with room to grow."

The main floor is divided into conventional rooms with the living area on one side, a formal dining area up front on the other side and the kitchen at the rear with a breakfast bar in the middle.  A set of stairs leads to the second level where the master bedroom and en-suite bath occupy the south side and two guest rooms with a shared bath are located on the opposite side.
I personally think the master bedroom is dated. But the good thing is that there is so much room that a new owner could revamp the space and update the bath without breaking the budget.  The same goes for the two guest bedrooms. The spaces work find but could be tweaked just a bit to make the spaces just a bit more appealing.
The freshly painted interiors will give the new owners time to live in the property and figure out what they really like and what they would like to change to make the spaces function to fit the new owners' lifestyle.  I tell buyers to do this before they start a major renovation. Most do what they want anyway. I understand the urge to splurge but it is not always necessary.
I think the rear of the existing house is under utilized and could be expanded without spending too much money. I think the kitchen could be expanded to include what is now a covered rear porch. I would add more space to the master bedroom for bedroom area (or add a second floor deck overlooking the pool).  I would definitely expand the second floor bedroom at the rear which could then permit enlarging both bedrooms a bit. That might create enough space for each bedroom to have a private bath.
The back yard and side yard are huge and provide ample ground for expanding the main house or adding a guest cottage at the rear. A couple of colleagues have suggested tearing down the house and pool and rebuilding all new - not because what exists is bad but because the space is so large and so well located that the land value itself makes such a project thinkable.  CLICK HERE to view more photos I took of this property.
Whether a new owner does some remodeling or keeps this property the way it is, I think 1601 White Street could make a great vacation rental.  The house is located one block from the Atlantic Ocean and the White Street beaches. 
The new price on 1601 White Street is $795,000.  CLICK HERE to view the Key West mls datasheet and to view listing photos. After you have done that, please call me, Gary Thomas, 305-766-2642 to schedule a showing of this property.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise. 

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.